Latest news with #soyoil
Zawya
19 minutes ago
- Business
- Zawya
India's soyoil imports set for record high, palm oil at five-year low
MUMBAI - India's soyoil imports are poised to surge 60% year-on-year to a record high in 2024/25, as refiners boost purchases due to cheaper prices compared with rival palm oil, shipments of which are set to hit a five-year low, six dealers told Reuters. Higher soyoil purchases by India, the world's biggest importer of vegetable oils, will support global soyoil prices , which have risen 31% so far this year, but weigh on benchmark Malaysian palm oil futures. In the 2024/25 marketing year ending in October, soyoil imports are likely to jump to 5.5 million metric tons, from 3.44 million tons a year ago, according to estimates from dealers. Palm oil imports in the year, meanwhile, are likely to fall 13.5% from a year ago to 7.8 million metric tons, the lowest since 2019/20, dealers said. Sunflower oil imports could fall 20% to 2.8 million tons, the lowest in three years, they said. Higher soyoil imports will lift India's total edible oil imports in the year by 1% to 16.1 million tons, dealers estimated. Palm oil traded at a premium for many months this year, which prompted buyers to replace it with soyoil, said B.V. Mehta, executive director of the Solvent Extractors' Association of India. "Soyoil was cheap and plenty in stock, so it ended up grabbing palm oil's market share," he said. Crude palm oil was commanding a premium of as high as $150 per ton over crude soyoil earlier this year due to tight supplies of the tropical oil in producer countries Malaysia and Indonesia. Indian consumers are price-sensitive and had relied on palm oil because it was cheap. But its price rally prompted even large industrial buyers to look for alternatives, said Aashish Acharya, vice president at Patanjali Foods Ltd, a leading importer of edible oils. While soyoil was initially being bought as a substitute for palm oil, it is now also replacing rapeseed oil, which has become more expensive due to a price rally in the past two months, said a Mumbai-based dealer with a global trade house. India buys palm oil mainly from Indonesia and Malaysia, while it typically imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. This year, however, India is likely to buy more than 600,000 tons of soyoil from Nepal, a New Delhi-based dealer said. Soyoil shipments from Nepal are tax-free under the South Asian Free Trade Agreement, which is encouraging buyers from eastern India to source soyoil from the Himalayan country, he added.
Yahoo
2 hours ago
- Business
- Yahoo
India's soyoil imports set for record high, palm oil at five-year low
By Rajendra Jadhav MUMBAI (Reuters) -India's soyoil imports are poised to surge 60% year-on-year to a record high in 2024/25, as refiners boost purchases due to cheaper prices compared with rival palm oil, shipments of which are set to hit a five-year low, six dealers told Reuters. Higher soyoil purchases by India, the world's biggest importer of vegetable oils, will support global soyoil prices, which have risen 31% so far this year, but weigh on benchmark Malaysian palm oil futures. In the 2024/25 marketing year ending in October, soyoil imports are likely to jump to 5.5 million metric tons, from 3.44 million tons a year ago, according to estimates from dealers. Palm oil imports in the year, meanwhile, are likely to fall 13.5% from a year ago to 7.8 million metric tons, the lowest since 2019/20, dealers said. Sunflower oil imports could fall 20% to 2.8 million tons, the lowest in three years, they said. Higher soyoil imports will lift India's total edible oil imports in the year by 1% to 16.1 million tons, dealers estimated. Palm oil traded at a premium for many months this year, which prompted buyers to replace it with soyoil, said B.V. Mehta, executive director of the Solvent Extractors' Association of India. "Soyoil was cheap and plenty in stock, so it ended up grabbing palm oil's market share," he said. Crude palm oil was commanding a premium of as high as $150 per ton over crude soyoil earlier this year due to tight supplies of the tropical oil in producer countries Malaysia and Indonesia. Indian consumers are price-sensitive and had relied on palm oil because it was cheap. But its price rally prompted even large industrial buyers to look for alternatives, said Aashish Acharya, vice president at Patanjali Foods Ltd, a leading importer of edible oils. While soyoil was initially being bought as a substitute for palm oil, it is now also replacing rapeseed oil, which has become more expensive due to a price rally in the past two months, said a Mumbai-based dealer with a global trade house. India buys palm oil mainly from Indonesia and Malaysia, while it typically imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. This year, however, India is likely to buy more than 600,000 tons of soyoil from Nepal, a New Delhi-based dealer said. Soyoil shipments from Nepal are tax-free under the South Asian Free Trade Agreement, which is encouraging buyers from eastern India to source soyoil from the Himalayan country, he added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Business
- Yahoo
India's soyoil imports set for record high, palm oil at five-year low
By Rajendra Jadhav MUMBAI (Reuters) -India's soyoil imports are poised to surge 60% year-on-year to a record high in 2024/25, as refiners boost purchases due to cheaper prices compared with rival palm oil, shipments of which are set to hit a five-year low, six dealers told Reuters. Higher soyoil purchases by India, the world's biggest importer of vegetable oils, will support global soyoil prices, which have risen 31% so far this year, but weigh on benchmark Malaysian palm oil futures. In the 2024/25 marketing year ending in October, soyoil imports are likely to jump to 5.5 million metric tons, from 3.44 million tons a year ago, according to estimates from dealers. Palm oil imports in the year, meanwhile, are likely to fall 13.5% from a year ago to 7.8 million metric tons, the lowest since 2019/20, dealers said. Sunflower oil imports could fall 20% to 2.8 million tons, the lowest in three years, they said. Higher soyoil imports will lift India's total edible oil imports in the year by 1% to 16.1 million tons, dealers estimated. Palm oil traded at a premium for many months this year, which prompted buyers to replace it with soyoil, said B.V. Mehta, executive director of the Solvent Extractors' Association of India. "Soyoil was cheap and plenty in stock, so it ended up grabbing palm oil's market share," he said. Crude palm oil was commanding a premium of as high as $150 per ton over crude soyoil earlier this year due to tight supplies of the tropical oil in producer countries Malaysia and Indonesia. Indian consumers are price-sensitive and had relied on palm oil because it was cheap. But its price rally prompted even large industrial buyers to look for alternatives, said Aashish Acharya, vice president at Patanjali Foods Ltd, a leading importer of edible oils. While soyoil was initially being bought as a substitute for palm oil, it is now also replacing rapeseed oil, which has become more expensive due to a price rally in the past two months, said a Mumbai-based dealer with a global trade house. India buys palm oil mainly from Indonesia and Malaysia, while it typically imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. This year, however, India is likely to buy more than 600,000 tons of soyoil from Nepal, a New Delhi-based dealer said. Soyoil shipments from Nepal are tax-free under the South Asian Free Trade Agreement, which is encouraging buyers from eastern India to source soyoil from the Himalayan country, he added.
Reuters
3 hours ago
- Business
- Reuters
India's soyoil imports set for record high, palm oil at five-year low
MUMBAI, Aug 12 (Reuters) - India's soyoil imports are poised to surge 60% year-on-year to a record high in 2024/25, as refiners boost purchases due to cheaper prices compared with rival palm oil, shipments of which are set to hit a five-year low, six dealers told Reuters. Higher soyoil purchases by India, the world's biggest importer of vegetable oils, will support global soyoil prices , which have risen 31% so far this year, but weigh on benchmark Malaysian palm oil futures . In the 2024/25 marketing year ending in October, soyoil imports are likely to jump to 5.5 million metric tons, from 3.44 million tons a year ago, according to estimates from dealers. Palm oil imports in the year, meanwhile, are likely to fall 13.5% from a year ago to 7.8 million metric tons, the lowest since 2019/20, dealers said. Sunflower oil imports could fall 20% to 2.8 million tons, the lowest in three years, they said. Higher soyoil imports will lift India's total edible oil imports in the year by 1% to 16.1 million tons, dealers estimated. Palm oil traded at a premium for many months this year, which prompted buyers to replace it with soyoil, said B.V. Mehta, executive director of the Solvent Extractors' Association of India. "Soyoil was cheap and plenty in stock, so it ended up grabbing palm oil's market share," he said. Crude palm oil was commanding a premium of as high as $150 per ton over crude soyoil earlier this year due to tight supplies of the tropical oil in producer countries Malaysia and Indonesia. Indian consumers are price-sensitive and had relied on palm oil because it was cheap. But its price rally prompted even large industrial buyers to look for alternatives, said Aashish Acharya, vice president at Patanjali Foods Ltd ( opens new tab, a leading importer of edible oils. While soyoil was initially being bought as a substitute for palm oil, it is now also replacing rapeseed oil, which has become more expensive due to a price rally in the past two months, said a Mumbai-based dealer with a global trade house. India buys palm oil mainly from Indonesia and Malaysia, while it typically imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. This year, however, India is likely to buy more than 600,000 tons of soyoil from Nepal, a New Delhi-based dealer said. Soyoil shipments from Nepal are tax-free under the South Asian Free Trade Agreement, which is encouraging buyers from eastern India to source soyoil from the Himalayan country, he added.
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
China reshuffles soy trade to counter local glut, US tensions
Global soyoil markets remain supported by strong biofuel demand in the US. (EPA Images pic) BEIJING : China has long worried about its shortage of soybeans, solidifying its status as the world's biggest buyer to the benefit of farmers from the US to Brazil. However, as its economy slackens, the country is quietly reshaping trade in the oilseed's products. The Asian nation is stepping up rare exports of soybean oil, as domestic consumers cut back on restaurant visits and rising global demand for biodiesel makes prices attractive enough to send it abroad. Meanwhile, China is testing deliveries of soybean meal from Argentina for the first time, a substitute for importing beans and crushing them into animal feed at home. Both shifts, while modest in volume, mark a departure from longstanding trade flows. They also include a means for the country to chip away at its need for American soybeans if the trade war between Beijing and Washington persists. China exported about 127,000 tonnes of soyoil in the first half of the year, exceeding full-year 2024 levels, according to customs data. The shipments are flowing to destinations including South Korea, Malaysia and India, where edible oil demand remains robust. The trend 'reflects a global supply-demand rebalancing in the vegetable oil market,' Fu Bo, a senior analyst at Guotai Junan Futures Co said in a note. 'The rising exports are the result of China needing soybean meal while other countries need soybean oil,' he said. Global soyoil markets remain supported by strong biofuel demand in the US, where about half of local production is used to produce renewable diesel. Meanwhile, domestic biofuel blending mandates and less competitive prices in South American nations such as Brazil and Argentina have limited additional supply. At home, China is grappling with the opposite problem: a glut. Commercial inventories of soyoil have surged 70% since May to an elevated level of 1.12 million tonnes, according to Shanghai-based commodities consultancy Mysteel. Chinese crushers have kept run rates high to ensure there's enough soymeal for livestock rations, creating the unusual arbitrage opportunity of exporting surplus oil from a country better known for its imports. On the meal front, China is exploring a new supply channel from Argentina. Bunge Global SA recently sold at least two shipments of the high-protein feed ingredient to Chinese buyers. Beijing approved Argentine soymeal back in 2019, during trade hostilities with the first Trump administration, but purchases didn't materialise until now. Argentina's move to reduce export tariffs has improved the competitiveness of its meal. However, the shipments also suggest that Chinese buyers are keen to hedge against uncertainty in US supplies as Beijing and Washington joust over trade once again. 'China has plenty of crush capacity,' said Arlan Suderman, chief commodities economist at StoneX Financial Inc. 'But its recent purchases of Argentine soymeal send a statement to the US that it's willing to sacrifice that capacity to avoid buying US soybeans if Brazil can't fully meet its needs,' Suderman said.
